In the same week that Allianz outlined it ambitions to increase renewable-associated premium, G20 leaders agreed to pursue tripling renewable energy capacity globally by 2030.
The final text includes a commitment to “pursue and encourage efforts to triple renewable energy capacity” by 2030. That target is vital to keep the goal of limiting the rise in global temperatures to 1.5°C within reach, according to the International Energy Agency (IEA).
The IEA said: “The single most important lever to bring about the reduction in carbon dioxide (CO2) emissions needed by 2030 is to triple the global installed capacity of renewable power by the end of the current decade. This has been a key and recurring element in our data and modelling since May 2021. Expanding renewable capacity on this scale would avoid about 7 billion tonnes of CO2 emissions between 2023 and 2030. That would be comparable to eliminating all the current CO2 emissions from China’s power sector.”
However, despite the commitment to renewables, many observers will nonetheless be disappointed as the declaration adopted by G20 leaders on the first day of a two-day summit in New Delhi did not mention cutting greenhouse gas emissions.
It said member nations “will pursue and encourage efforts to triple renewable energy capacity globally … in line with national circumstances by 2030.”
The G20 member countries together account for over 80% of global emissions and a cumulative effort by the group to decarbonise is crucial in the global fight against climate change.
The G20 has agreed that “national circumstances” will be factored into the phasing down of “unabated coal power” but did not mention reduction in usage of crude oil.